The impact of the economic downturn and COVID-19 were considered during this discussion on specific deal terms during the annual M&A Conference at the University of Chicago.

Leading dealmakers, Mark Legaspi, Associate General Counsel and Director of Corporate Strategy, M&A, Investments and Emerging Technology at Intel and Brett Shawn, Senior Vice President and Assistant General Counsel at Warburg Pincus, were engaged by Matthew Gemello, a leading Corporate Partner at Orrick, who started the discussion by exploring the important recent change in....

Companies that regularly pursue moderately-sized transactions generally outperformed peers, according to research conducted by the authors of this paper, which studied overall shareholder returns versus transformational deals.

The research showed the most successful companies are placing “multiple bets” and being “nimble with [their capital]” while making several acquisitions even...

Leaks are highly disruptive to M&A, often pushing deal timelines into overdrive and inflating valuations. Even when that is the intended outcome for a deliberate leak, they add an element of uncertainty that risks backfiring and destroying the deal.

Active corporate development professionals, speaking at Transaction Advisors annual M&A conferences at Wharton San Francisco and Fordham Law New York, discussed key strategies for preventing intentional and unintentional leaks, and how best to...

Companies facing volatility may need to evaluate their existing corporate structural defenses and consider whether to prepare or adopt a stockholder rights plan, or “poison pill”, according to the authors of this timely paper.

To improve the prospects of a positive market and judicial review, defensive measures will likely need to be considered within their jurisdiction’s fiduciary framework and...

Although it’s difficult to assess the turbulence in today’s M&A environment, dealmakers face some exciting opportunities. 

In this wide ranging discussion with Stephen G. Morrissette, Ph.D, is a Visiting Professor of Strategic Management at the University of Chicago's Booth School of Business, we discussed M&A strategy during shaky markets and the challenges that are unique to periods where deal flow slows.

According to Professor Morrissette, a classic mistake is.....

M&A is a tough business, especially when an acquisition target requires a turnaround to reach profitability.

Around 40% of M&A deals require some type of turnaround, whether because of minor problems or other crises, by the buyer to improve the underlying value of the target company. This study analyzes large deals where...

This session at the annual M&A Conference at the University of Chicago provided guidance on the shifting environment for competition reviews in the United States, Europe, and other jurisdictions.

The participants commented on specific deal terms that anticipate protectionist views and antitrust challenges associated with conglomerate risk and the merits of negotiating....

Divestitures represented almost two-thirds of strategic deals, by value, during the past decade.

The authors of this study, from the consulting firm Bain & Co., look at divestitures as opportunities to release, “the time, talent and energy tied up in nonstrategic businesses”.  They also point to the freeing of capital for higher growth pursuits as they study companies that use divestitures more often.

Their research on M&A value creation over the past two decades shows that...

In the last few years, additional protectionist pressures are clearly straining the corporate development process as far as timing and risks, but a better understanding of this area is now being woven into the corporate development process. 

In a series of discussions that took place during the recent M&A Conferences at Wharton San Francisco, the University of Chicago, and at Fordham Law New York the corporate faculty explored a range of innovative deal terms and...

Purchasing assets from an insolvent entity on a truncated timeline with limited due diligence and no indemnities is not a process for the financial faint of heart. 

The use of reps and warranties insurance in bankruptcy sales may help both debtors and asset purchasers, according to a new paper from Seyfarth Shaw. 

Transactions that are executed under Bankruptcy Code section 363 can provide a higher value for debtors while simultaneously providing...

Throughout the Intralinks Virtual M&A Summit there was a consensus that the functioning of the financial markets makes this period different from the 2008-2009 economic decline.

Nonetheless, dealmakers are strained to evaluate M&A as the highest and best use of capital, if valuation declines make this an opportune time to approach targets, and whether to continue inflight deals.

A recommendation, that was echoed by many of the participants, was to consider more structured tools for...

When economic downturns roil markets across the world and investors witness their returns diminish, dealmakers stand to benefit from downturns. Rather than retreating to the sidelines, dealmakers often reap significant returns from deals done in weak economies compared to returns from deals completed in strong market conditions.

This paper presents an analysis of the performance of strong- and weak-economy deals, comparing deals after two years from the time of announcement. Generally, the researchers distilled two key imperatives for....

Putting together a deal team to pursue an acquisition opportunity is an area where the corporate development process is advancing and sophisticated practitioners are seeing improvements in M&A performance.

The question, "Who should we pull into project X?" has traditionally been quickly answered at the onset with limited consideration given to the diversity of the team’s perspective and expertise. 

Often the deal teams expand from the initial stages based on the availability of professionals, with little regard for...